Short Interest in Absci Co. (NASDAQ:ABSI) Expands By 10.5%

Absci Co. (NASDAQ:ABSI - Get Free Report) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 15,490,000 shares, a growth of 10.5% from the December 31st total of 14,020,000 shares. Approximately 16.8% of the company's stock are short sold. Based on an average daily trading volume, of 2,720,000 shares, the short-interest ratio is currently 5.7 days.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ABSI. KeyCorp lowered their price objective on Absci from $6.00 to $5.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Guggenheim restated a "buy" rating and issued a $10.00 price target on shares of Absci in a research note on Tuesday, December 3rd. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Absci in a research note on Friday, January 17th. Finally, Needham & Company LLC began coverage on shares of Absci in a research report on Wednesday, January 22nd. They issued a "buy" rating and a $9.00 target price for the company. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $8.57.

Absci Stock Performance

Shares of Absci stock traded up $0.65 during trading hours on Tuesday, reaching $4.35. The company's stock had a trading volume of 12,382,927 shares, compared to its average volume of 7,591,618. Absci has a one year low of $2.45 and a one year high of $6.72. The company's 50 day simple moving average is $3.26 and its 200 day simple moving average is $3.68. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.63 and a current ratio of 5.63. The stock has a market cap of $499.64 million, a P/E ratio of -4.68 and a beta of 2.11.

Absci (NASDAQ:ABSI - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.05). The company had revenue of $1.70 million during the quarter, compared to analyst estimates of $1.77 million. Absci had a negative net margin of 2,321.56% and a negative return on equity of 46.56%. During the same quarter in the previous year, the firm earned ($0.24) earnings per share. As a group, analysts expect that Absci will post -0.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Absci

Several large investors have recently added to or reduced their stakes in ABSI. Rhumbline Advisers boosted its position in Absci by 4.2% during the 4th quarter. Rhumbline Advisers now owns 114,152 shares of the company's stock worth $299,000 after acquiring an additional 4,593 shares during the period. JPMorgan Chase & Co. grew its position in Absci by 14.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 49,379 shares of the company's stock valued at $189,000 after buying an additional 6,409 shares in the last quarter. Victory Capital Management Inc. increased its stake in Absci by 5.9% during the 3rd quarter. Victory Capital Management Inc. now owns 150,562 shares of the company's stock valued at $575,000 after buying an additional 8,388 shares during the period. PCA Investment Advisory Services Inc. bought a new stake in shares of Absci during the 4th quarter worth about $26,000. Finally, Alpha Cubed Investments LLC bought a new position in shares of Absci in the fourth quarter valued at approximately $26,000. 52.05% of the stock is owned by institutional investors and hedge funds.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.